منابع مشابه
International Financial Integration of the Indian Money Market
The study investigates whether the financial liberalization undertaken in India has resulted in integration of Indian markets with global markets. First, we investigate covered interest rate parity (CIP) between India and the US using 3 month interbank interest rates and 1 year swap rates. The results show little evidence of a long term equilibrium relationship between the domestic interest rat...
متن کاملExchange Market Mechanisms without Money
We introduce and study the following exchange market mechanism problem without money: consider a set of agents who wish to obtain a set of items, and have a set of items to offer to others. An exchange market mechanism specifies for each agent a subset of items to give away, and another subset of items that he would receive in exchange. Each agent would like to maximize the number of items he r...
متن کاملMoney: A Market Microstructure Approach
The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary ins...
متن کاملMapping change in the overnight money market
We use an information-theoretic approach to describe changes in lending relationships between financial institutions around the time of the Lehman Brothers failure. Unlike previous work that conducts maximum likelihood estimation on undirected networks our analysis distinguishes between borrowers and lenders and looks for broader lending relationships (multi-bank lending cycles) that extend bey...
متن کاملRuns on Money Market Mutual Funds∗
This paper studies daily investor flows to and from each money market mutual fund during the period surrounding and including the money fund crisis of September 2008. We focus on the determinants of flows in the prime money fund category to shed light on the covariates of money fund runs, since this category was, by far, the most heavily impacted by the money fund crisis. We find that outflows ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2062253